US indices rally on Fed cut; ADRs end mixed

The US stocks rallied on Wednesday following a 25bps rate cut by the Federal Reserve and suprising strength in the economic growth and employment. The Dow Jones industrial average gained 138 points at 13,930. The Nasdaq surged 42 points to 2859.

The Indian ADRs, however, ended on a mixed note. HDFC Bank zoomed 6.5% to $139, and ICICI Bank soared 4.5% to $69.44. Sterlite surged 4% to $25.97. Wipro rallied 3.5% to $16.47, and Satyam was up nearly 3% at $30.35.

On the other hand, VSNL slumped nearly 8% to $27.50. Patni Computers plunged nearly 6% to $21.11. MTNL dropped 2.7% to $9.20. Genpact and Tata Motors declined around 1.5% each to $16 and $19.70, respectively.